Ontario · Bankruptcy
Trustee's Report to Creditors on Preliminary Administration dated August 19, 2020
Court officer report · 19 August 2020
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What we verified from this filing9 verified
- appointeeKSV Kofman Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date31 July 2020
- court file no31-2661908
- provinceNOVA SCOTIA
- cash on handnote: Cash balances obtained from HSBC Bank Canada as at the date of bankruptcy. · as at: 2020-07-31 · amount: 276000 · currency: CAD
- financial positionnote: Assets table (in $000s): Cash 276 (as at July 31, 2020 per HSBC Bank Canada), Inventory 2,326, Property and equipment 1,230, Right of use asset 5,230 (no recovery expected), Other assets 114; total 9,176. Liabilities: no secured creditors identified per PPSA search; preferred claims for landlord rent arrears/accelerated rent possible but unquantified; text states unsecured creditors totaled 'approximately $6.5 million as at the date of bankruptcy' though the accompanying creditor table sums to $10,795,000, an unreconciled discrepancy. · basis: book value (unaudited, Trustee-prepared summary; no assurance provided) · scope: Chico's FAS Canada, Co. (the bankrupt entity) · currency: CAD · total assets: 9176000
- operational summaryFollowing the bankruptcy, the Trustee immediately reopened and launched a store closing/liquidation sale across all 10 formerly-closed retail locations, engaging Tiger Asset Solutions to assist, in order to sell remaining spring/summer inventory within the Trustee's 90-day occupancy window.
- report date19 August 2020